Given any two sets of independent non-negative random variables and a non-decreasing concave utility function, we identify sufficient conditions under which the expected utility of sum of these two sets of variables is (almost) equal. We use this result to design a polynomialtime approximation scheme (PTAS) for the utility maximization in a wide variety of risk-averse settings (when the risk a ...

This paper examines the endogenous formation of coalitions that provide public goods in which players implement a minimum participation requirement before deciding whether to join. We demonstrate theoretically that payoff-maximizing players will vote to implement efficient participation requirements and these coalitions will form. However, we also demonstrate that if some players are averse to ...